December , Cyprus CyEC 2003 Conference Professor Georgios I. Doukidis Athens University of Economics and Business TANEO (New Economy Development Fund)

CyEC 2003, Prof. G. I. Doukidis 2 Factors that encourage and support Entrepreneurial Activity recently 4Technological Factors / Technological Progress Cause new products, enterprises and sectors 4Economic Factors / Increase of consumers’ demand Increase of income, living standards, available financing 4Demographic Factors / Development of New Service Companies Ageing of population, families with double incomes etc. 4Psychological Factors and Culture Alternative model to large enterprises, social norms that support self-sufficiency (i.e USA) 4Survival Factors In less developed economies (i.e Uganda)

CyEC 2003, Prof. G. I. Doukidis 3 Total Entrepreneurial Activity (TEA) 2003 by Global Entrepreneurship Monitor (GEM) GR:Greece US:U.S.A. ALL Countries

CyEC 2003, Prof. G. I. Doukidis 4 Necessity-Based Entrepreneurial Activity GR:Greece ALL Countries

CyEC 2003, Prof. G. I. Doukidis 5 High Potential Entrepreneurship new markets new jobs exports oriented

CyEC 2003, Prof. G. I. Doukidis 6 Entrepreneurs’ Expectations for Job Creation by Educational Attainment (2001)

CyEC 2003, Prof. G. I. Doukidis 7 Conditions that play an important role in promoting entrepreneurial activity in an economy 4Government Policies High priority in supporting new firms; quick acquisition of permits & licenses; amount of taxes; predictable way of new regulations 4Education and Training Encourages creativity, self-sufficiency & personal initiative; adequate attention to entrepreneurship and new-firm creation; special courses and programs; hybrid focus 4Cultural and Social Norms High value on self-sufficiency, autonomy, individualism and personal initiative; do not rely heavily on government; expectation to change many jobs; prefer to work for new firms 4Financial Support Sufficient equity and debt funding; government subsidies; private individuals, Venture Capitalists and IPOs are important financial sources

CyEC 2003, Prof. G. I. Doukidis 8 Government Policies: United States vs. Other GEM Countries

CyEC 2003, Prof. G. I. Doukidis 9 Education and Training: United States vs. Other GEM Countries

CyEC 2003, Prof. G. I. Doukidis 10 Cultural and Social Norms: United States vs. Other GEM Countries

CyEC 2003, Prof. G. I. Doukidis 11 Financial Support: United States vs. Other GEM Countries

CyEC 2003, Prof. G. I. Doukidis 12 ΤΑΝΕΟ (New Economy Development Fund) 4TANEO is a Fund of Funds investing in new Venture Capital Funds that focus in innovative businesses 4As it is set out in Article 28 of Greek Law 2843/2000, which provides for the creation of TANEO, “The purpose of the company is the minority participation in venture capital organisations”. 4The EC has decided (Sept. 2002) that the aid scheme involved is compatible with the EC treaty 4Selection of VCs is based on commercial criteria 4Financing €45 mil. from the Hellenic Republic €105 mil. Private/Institutional through a Notes issue (guarantee provided by the Hellenic Republic)

CyEC 2003, Prof. G. I. Doukidis 13 ΤΑΝΕΟ (New Economy Development Fund) 4What is NOT ΤΑΝΕΟ It is NOT a venture capital fund Therefore, it does NOT invest directly in small-medium innovative companies 4What is ΤΑΝΕΟ It invests ONLY in venture capital funds – It undertakes up to 50% of their capital which invest in Greek, innovative, small and small- medium companies 4So TANEO does NOT INTERFERE with the investment decisions made by the VC Funds It sits in investment committees WITHOUT the right to vote but with Veto power if decisions to invest are in breach of TANEO’s investment guidelines

CyEC 2003, Prof. G. I. Doukidis 14 The Upgraded Role of Universities 4Social Institution The provision of general education, the growth of personality and the transmission of knowledge with the right wisdom 4Developmental Institution Contribution in the configuration of responsible people, with the ability of scientific, social, cultural and political comprehension 4Utilitarian Institution Full education for a scientific and professional career after graduation Creation of New Leaders

CyEC 2003, Prof. G. I. Doukidis 15 Entrepreneurship at Undergraduate Level Full Semester - AUEB 4Practical Training of students for one semester in real working environments 4Every Friday they return to University for two courses (and practical assignments) Business Plan and business strategy Entrepreneurship and Innovation 4Participation in enterprising competitions, workshops with managers and entrepreneurs, business games, etc. Difficult project with many challenges 150 students, 100 companies, 10 professors F.T.

CyEC 2003, Prof. G. I. Doukidis 16 “Entrepreneurship and Development of New Enterprises” Graduate Program 4Introduction to Entrepreneurship 4Legal and Financial Aspects of Entrepreneurial Ventures 4Innovation and Creativity 4Strategic Business Partnerships 4Developing a Successful Business Plan 4Managing a Family Owned Business 4Doing Business in the Balkans Region 4Leadership 4Managing of Change 4Knowledge Management Dec. Sciences MSc of the Athens University of Economics and Business

December , Cyprus CyEC 2003 Conference Professor Georgios I. Doukidis Athens University of Economics and Business TANEO (New Economy Development Fund)